Europe & Central Asia · Upper middle income
Armenia: the economy in numbers
Per person: $9,474, or $24,754 at purchasing power parity. Population: 3.09 million (2025).
GDP in 2025, current US dollars: #115 of 204 economies. IMF forecast for 2026: +5.5%.
GDP
Adjusted for US inflation, in 2025 dollars: $5.57 billion in 1990, $29.2 billion in 2025.
GDP per capita
In 2025 dollars: $1,567 per person in 1990, $9,474 in 2025.
Real GDP growth
Average over 2016–2025: 5.2% a year. Years of falling GDP since 1991: 5 of 35.
Source: International Monetary Fund, World Economic Outlook (October 2026)
Inflation
Consumer prices rose 2.47 times from 2000 to 2025. Highest annual inflation: 3,732% in 1993. Years with inflation above 100%: 3. The chart cuts the scale at 100%; “Full scale” shows everything.
Source: International Monetary Fund, World Economic Outlook (October 2026)
Government debt, % of GDP
Highest since 1996: 64.5% of GDP in 2020. IMF forecast for 2031: 44.7%.
Source: World Bank, World Development Indicators (CC BY 4.0)
Stock market capitalization, % of GDP
In 2024 listed domestic companies were worth $4.85 billion, or 18.7% of GDP.
Population
1960: 1.86 million · 2025: 3.09 million.
Unemployment rate
1991: 1.8% · 2025: 12.9%.
Life expectancy at birth
1960: 59.1 years · 2024: 78.3 years.
Exports of goods and services
1990: 35.0% · 2025: 48.1%.
Data by year
Show the year-by-year table
| Year | GDP | GDP per capita | Per capita, PPP | Real growth | Inflation | Gov. debt, % GDP | Population | Unemployment | Stock market, % GDP | Life expectancy | Exports, % GDP |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 2031 | 5.0%f | 3.0%f | 44.7%f | ||||||||
| 2030 | 5.0%f | 3.0%f | 46.1%f | ||||||||
| 2029 | 5.0%f | 3.0%f | 47.5%f | ||||||||
| 2028 | 5.3%f | 3.2%f | 48.6%f | ||||||||
| 2027 | 5.5%f | 3.6%f | 48.4%f | ||||||||
| 2026 | 5.5%f | 4.6%f | 48.1%f | ||||||||
| 2025 | $29.2B | $9,474 | $24,754 | 7.2% | 3.3% | 46.9% | 3.09M | 12.9% | 48.1% | ||
| 2024 | $26B | $8,556 | $22,856 | 5.9% | 0.3% | 48.0% | 3.03M | 12.4% | 18.7% | 78.3 | 73.6% |
| 2023 | $24.2B | $8,159 | $21,552 | 8.3% | 2.0% | 48.5% | 2.96M | 12.4% | 1.2% | 77.5 | 61.0% |
| 2022 | $19.5B | $6,572 | $19,158 | 12.6% | 8.6% | 47.1% | 2.97M | 13.5% | 1.3% | 74.8 | 51.6% |
| 2021 | $13.9B | $4,685 | $15,922 | 5.8% | 7.2% | 60.9% | 2.96M | 15.5% | 0.2% | 72.3 | 35.7% |
| 2020 | $12.6B | $4,269 | $14,706 | −7.2% | 1.2% | 64.5% | 2.96M | 18.2% | 0.2% | 73.4 | 30.1% |
| 2019 | $13.6B | $4,597 | $14,976 | 7.6% | 1.4% | 51.0% | 2.96M | 18.3% | 0.4% | 76.2 | 42.3% |
| 2018 | $12.5B | $4,196 | $12,877 | 5.2% | 2.5% | 52.4% | 2.97M | 19.0% | 0.4% | 75.6 | 39.4% |
| 2017 | $11.5B | $3,869 | $12,066 | 7.5% | 1.0% | 55.1% | 2.98M | 17.7% | 75.2 | 38.2% | |
| 2016 | $10.5B | $3,524 | $10,570 | 0.2% | −1.4% | 53.3% | 2.99M | 17.6% | 74.9 | 33.7% | |
| 2015 | $10.6B | $3,512 | $9,757 | 3.2% | 3.7% | 45.5% | 3.0M | 18.3% | 74.9 | 29.7% | |
| 2014 | $11.6B | $3,852 | $9,736 | 3.6% | 3.0% | 40.8% | 3.01M | 17.5% | 74.9 | 28.6% | |
| 2013 | $11.1B | $3,680 | $9,455 | 3.3% | 5.8% | 37.6% | 3.02M | 16.6% | 74.6 | 28.4% | |
| 2012 | $10.6B | $3,512 | $8,943 | 7.2% | 2.6% | 35.9% | 3.02M | 17.5% | 74.1 | 27.6% | |
| 2011 | $10.1B | $3,350 | $7,624 | 4.7% | 7.7% | 36.9% | 3.03M | 18.9% | 73.8 | 22.5% | |
| 2010 | $9.26B | $3,041 | $7,095 | 2.2% | 8.2% | 34.9% | 3.04M | 19.5% | 73.2 | 19.7% | |
| 2009 | $8.65B | $2,821 | $6,812 | −14.1% | 3.4% | 35.5% | 3.07M | 19.3% | 73.1 | 14.7% | |
| 2008 | $11.7B | $3,778 | $7,827 | 6.9% | 8.9% | 15.2% | 3.09M | 17.1% | 73.1 | 14.3% | |
| 2007 | $9.21B | $2,963 | $7,137 | 13.7% | 4.4% | 14.9% | 3.11M | 10.4% | 72.9 | 18.2% | |
| 2006 | $6.38B | $2,042 | $6,073 | 13.2% | 2.9% | 16.9% | 3.13M | 10.5% | 72.8 | 22.1% | |
| 2005 | $4.9B | $1,557 | $5,172 | 13.9% | 0.6% | 20.8% | 3.15M | 10.6% | 73.1 | 27.3% | |
| 2004 | $3.58B | $1,130 | $4,377 | 10.5% | 7.0% | 26.4% | 3.16M | 10.7% | 73.0 | 28.2% | |
| 2003 | $2.81B | $882 | $3,836 | 14.0% | 4.7% | 33.0% | 3.18M | 10.8% | 72.8 | 30.5% | |
| 2002 | $2.38B | $743 | $3,282 | 13.2% | 1.1% | 38.2% | 3.2M | 10.9% | 72.8 | 27.8% | |
| 2001 | $2.12B | $660 | $2,844 | 9.6% | 3.1% | 38.1% | 3.21M | 11.0% | 73.0 | 24.1% | |
| 2000 | $1.91B | $593 | $2,531 | 5.9% | −0.8% | 39.6% | 3.22M | 11.1% | 72.9 | 22.2% | |
| 1999 | $1.85B | $583 | $2,377 | 3.3% | 0.6% | 39.2% | 3.17M | 11.2% | 70.2 | 20.8% | |
| 1998 | $1.89B | $590 | $2,239 | 7.3% | 8.7% | 45.2% | 3.21M | 9.4% | 69.8 | 19.0% | |
| 1997 | $1.64B | $505 | $2,040 | 3.3% | 14.0% | 46.5% | 3.25M | 10.8% | 69.4 | 20.3% | |
| 1996 | $1.6B | $487 | $1,922 | 5.9% | 18.7% | 40.8% | 3.28M | 9.3% | 69.0 | 23.2% | |
| 1995 | $1.47B | $444 | $1,767 | 6.9% | 176.0% | 3.31M | 6.7% | 68.6 | 23.9% | ||
| 1994 | $1.32B | $391 | $1,591 | 5.4% | 3,374% | 3.36M | 6.6% | 68.3 | 39.3% | ||
| 1993 | $1.2B | $348 | $1,440 | −8.8% | 3,732% | 3.45M | 5.3% | 68.0 | 47.2% | ||
| 1992 | $1.27B | $356 | $1,492 | −41.8% | 3.57M | 1.8% | 67.7 | 39.8% | |||
| 1991 | $2.07B | $573 | $2,477 | −11.7% | 3.61M | 1.8% | 67.6 | 40.7% | |||
| 1990 | $2.26B | $635 | $2,760 | 3.55M | 67.5 | 35.0% | |||||
| 1989 | 3.44M | 67.5 | |||||||||
| 1988 | 3.36M | 52.6 | |||||||||
| 1987 | 3.33M | 67.4 | |||||||||
| 1986 | 3.29M | 67.2 | |||||||||
| 1985 | 3.26M | 66.9 | |||||||||
| 1984 | 3.22M | 66.6 | |||||||||
| 1983 | 3.19M | 66.2 | |||||||||
| 1982 | 3.16M | 65.9 | |||||||||
| 1981 | 3.14M | 65.5 | |||||||||
| 1980 | 3.11M | 65.1 | |||||||||
| 1979 | 3.08M | 64.8 | |||||||||
| 1978 | 3.01M | 64.5 | |||||||||
| 1977 | 2.91M | 64.3 | |||||||||
| 1976 | 2.82M | 64.0 | |||||||||
| 1975 | 2.74M | 63.8 | |||||||||
| 1974 | 2.69M | 63.5 | |||||||||
| 1973 | 2.63M | 63.3 | |||||||||
| 1972 | 2.58M | 63.1 | |||||||||
| 1971 | 2.53M | 62.9 | |||||||||
| 1970 | 2.48M | 62.6 | |||||||||
| 1969 | 2.42M | 62.4 | |||||||||
| 1968 | 2.37M | 62.1 | |||||||||
| 1967 | 2.31M | 61.8 | |||||||||
| 1966 | 2.25M | 61.5 | |||||||||
| 1965 | 2.18M | 61.1 | |||||||||
| 1964 | 2.12M | 60.7 | |||||||||
| 1963 | 2.06M | 60.3 | |||||||||
| 1962 | 1.99M | 59.9 | |||||||||
| 1961 | 1.93M | 59.5 | |||||||||
| 1960 | 1.86M | 59.1 |
e: IMF estimate; f: IMF forecast. Inflation: IMF data for 1993, World Bank for the other years.
Nearby economies in Europe & Central Asia
Nearest by distance between capitals, with GDP per capita.
Albania · Andorra · Armenia · Austria · Azerbaijan · Belarus · Belgium · Bosnia and Herzegovina · Bulgaria · Channel Islands · Croatia · Cyprus · Czechia · Denmark · Estonia · Faroe Islands · Finland · France · Georgia · Germany · Gibraltar · Greece · Greenland · Hungary · Iceland · Ireland · Isle of Man · Italy · Kazakhstan · Kosovo · Kyrgyzstan · Latvia · Liechtenstein · Lithuania · Luxembourg · Moldova · Monaco · Montenegro · Netherlands · North Macedonia · Norway · Poland · Portugal · Romania · Russia · San Marino · Serbia · Slovakia · Slovenia · Spain · Sweden · Switzerland · Tajikistan · Turkmenistan · Türkiye · Ukraine · United Kingdom · Uzbekistan
Rankings
GDP by country · GDP per capita · Real GDP growth · Inflation by country · Government debt to GDP · Stock market to GDP · Population by country · Unemployment by country
Data and methods
- GDP: gross domestic product in current US dollars, converted from the local currency at market exchange rates (World Bank); not adjusted for inflation.
- Purchasing power parity (PPP): GDP per person in international dollars, which buy the same basket of goods and services in every country. It compares living standards across countries in the same year; it is not adjusted for inflation over time.
- In 2025 dollars: the charts can remove US inflation (US consumer price index, annual average) so that dollar amounts from different years compare in today's money. Exchange rate swings still show.
- Growth and inflation: World Bank data (calendar years). Years the World Bank does not cover yet, and the estimates and forecasts, come from the IMF World Economic Outlook (October 2026): its forecasts start in 2026, and the years after a country's last actual year are IMF estimates.
- Government debt: gross debt of the general government (central, state and local government and social security funds) as a percentage of GDP, IMF. The World Bank's central government debt is narrower and covers fewer countries.
- Stock market capitalization: the end-of-year value of domestic companies listed on the country's exchanges (World Federation of Exchanges via the World Bank; before 2016, Standard & Poor's), as a percentage of GDP: the “Buffett indicator”. Investment funds are excluded, and so are companies listed only abroad; companies from elsewhere that list on an exchange count for its country (Hong Kong lists many mainland Chinese companies).
- Unemployment: ILO modeled estimates (share of the labor force); comparable across countries, but they may differ from national figures.
Source: World Bank, World Development Indicators (CC BY 4.0)
Source: International Monetary Fund, World Economic Outlook (October 2026)